UPDATE: Jefferies Raises PT to $81 on Watson Pharmaceuticals; Solid Q1

Jefferies raises its price target from $60 to $81 on Hold-rated Watson Pharmaceuticals WPI following a solid Q1. Jefferies comments, "Watson reported a decent Q1, but did not blow away numbers as some had expected. The balanced performance highlights the benefits of a more diversified business model. We are adding in Actavis to our model bringing '13 up as guided by a dramatic $1.99 in EPS. We also raise our target to $81 (from $60)." WPI closed at $76.16 on Monday.